No time to panic

No time to panic

Read recently the business stats, which did not paint a pretty picture. In fact it is deeply troubling, with government finances and households stretched to the limit.

Budget speech out the way sees some relief, however the economy is still in a slump with little growth (recorded and forecast), load shedding, job cuts to name a few serious issues which will impact on these outcomes. Biggest concerns, are government spending R25 billion more a month than it is getting in. Draining state coffers further, including the bailouts of SOEs. Debt is 61% of the GDP (72% if you take into account the loan guarantees of SOEs). Not great figures to work with if the economy is to be stimulated.

The results in manufacturing are down 25% from the year before. Land freight (a clear indicator of business) plunging to its deepest rate since 2009. The construction industry has taken a massive knock, with a slow down in new developments.

All of this and more leaves one feeling quite nervous, with the on set of a mild to severe panic attack. But this is not the time to PANIC. Infact it is the best time to really consider ones business strategies and to go back to the basics. To make sure you are doing the ABCs right and effectively.

YOU CAN DO THIS

Practice and experience keep you from panicking in three ways: A)They provide the same sort of muscle memory that allows you to stay calm and call the shots under pressure. B)They give you confidence by way of that little voice in your head that says “Don’t freak out; you know you can do this.”And C) they give you courage to face your fear.

Managing a crisis as like being on autopilot. You just go into some sort of crisis mode and you somehow know what to do. It’s a combination of muscle memory, confidence and courage at work.

Here are some ABC pointers to gaining more of the right customers who will buy your products.

PEOPLE BUY BENEFITS or the results that product will give. Identifying your ideal customer by making a list of all of the benefits.

CLEARLY DEFINEyour customer. Who is the person who is most likely to buy your product and buy it immediately?

IDENTIFY THE PROBLEM

What kind of problem does your customer have that you can solve? Clients will pay you to solve their problem.

THE COMPETITIVE ADVANTAGE

Focus on the benefits of what makes your product better than others, by defining your advantage.

SOCIAL MEDIAcan build relationships with your customers, and you can access more people than ever. Plus it’s free!

COLD CALLING

Whether you are doing it in person or on the phone, it is your job to warm up a potential customer.

THE RIGHT PRICEcan be determined by the perceived value of your product. If you can make your product seem superior to your competitors, you can charge a higher price.

PROPER NEGOTIATION TECHNIQUES

Look for the “win-win” situations, where both parties are happy with the results of the negotiation.

CUSTOMERS FOR LIFE

Once a customer has purchased your product, this should not be once off sale. Keep a strong relationship with your customers. This will create more trust and add value to your product.

SOMETHING FOR FREE

Your ideal customer is far more likely to buy your product if you give them a preview to try out.

THE INSIDE SCOOP

Tell your customers about an upcoming sale or promotion. They will be happy to hear about it. They may even buy more as this builds trust with them.